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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
Amended lAS 27 Consolidated and Separate Financial Statements (2008)
Amended lAS 27, which will be effective for annual periods beginning on or after July 1, 2009 with
retrospective application, requires accounting for changes in ownership interests by the Group in a
subsidiary, while maintaining control, to be recognized as an equity transaction. When the Group losses
control of a subsidiary, any interest retained in the former subsidiary will be measured at fair value with
the gain or loss recognized in the consolidated statement of income.
IFRIC Interpretation 11 "IFRS 2 - Group and Treasury Share Transactions"
The application of IFRIC Interpretation 11, which will be effective for annual periods beginningon or after
March 1, 2007, provides guidance as to whether certain share options given to employees should be
accounted as an equity-settled or cash-settled transaction.
Amendments to IFRS 2 Share-based Payment- Vesting Conditions and Cancellations
Amended IFRS 2, which will be effective for annual periods beginning on or after January 1, 2009 with
retrospective application, clarifies the definition of vesting conditions, introduces the concept of non-
vesting conditions, requires non-vesting conditions to be reflected in grant-date fair value and provides
the accounting treatment for non-vesting conditions and cancellations.
b) Reclassification of financial assets
On October 13, 2008 the IASB permitted reclassification of some financial instruments from one
category to another in rare circumstances (Amendments to lAS 39 and IFRS 7 "Amendment").
The Group has elected to apply the amendment effective July 1, 2008 and has reclassified certain
investments held for trading to available for sale investments. The details of reclassification are as
follows:
Particulars
Amount (KD)
Amount reclassified from investments at fair value through income
statement to investments available for sale on July 1
f
2008.
845,875
Fair value of investments reclassified from investments at fair value
through income statement to investments available for sale at
December 31, 2008.
430,100
Unrealized gain on investments reclassified from investments at fair
value through income statement to investments available for sale
that have been already recognized in the consolidated statement
of income till June 30, 2008.
311,600
Unrealized loss on investments reclassified from investments at fair
value through income statement to investments available for sale
that would have been recognized in the consolidated statement of
income if these financial assets had not been reclassified.
(187,541)
Unrealized loss on investments reclassified from investments at fair
value through income statement to investments available for sale
recognized in the consolidated statement of changes in equity for
the period from July 1,2008 till December 31,2008.
(499,141)
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